EURUSD Daily Pivots
| R3 | 1.1792 |
| R2 | 1.1662 |
| R1 | 1.157 |
| Pivot | 1.1441 |
| S1 | 1.1348 |
| S2 | 1.1219 |
| S3 | 1.1127 |
 
EURUSD managed to break above the trend line and eventually rising above 1.14 levels. The new price channel shows a possible dip towards the resistance level at 1.14 and 1.135 levels, which if holds should see EURUSD possibly push higher targeting 1.154 and eventually the major support/resistance level at 1.58 levels. With the NFP data due in a few days time and with no major events from Europe scheduled, we can expect EURUSD to move into a sideways price action before resuming its short term bias.
USDJPY Daily Pivots
| R3 | 118.788 |
| R2 | 118.267 |
| R1 | 117.918 |
| Pivot | 117.397 |
| S1 | 117.048 |
| S2 | 116.527 |
| S3 | 116.178 |
USDJPY managed to lift off from the lows of 116.05 levels to close higher above the 117 handle. In the process, we notice an inverted head and shoulders pattern being formed, which gives an upside target towards 118.25 upon a successful test of support near 117.7. The main risk to this view is the fact that prices have not yet bounced off the daily pivot level at 117.397, which should be kept in mind. A break towards the daily pivot level is likely to invalidate the inverted head and shoulders pattern.
GBPUSD Daily Pivots
| R3 | 1.5456 |
| R2 | 1.5327 |
| R1 | 1.5246 |
| Pivot | 1.5117 |
| S1 | 1.5037 |
| S2 | 1.4908 |
| S3 | 1.4828 |
GBPUSD managed to bounce off the lows and the falling wedge pattern turning bullish yesterday. We expect this short term bullishness to continue as price currently looks towards consolidation near 1.51 levels. A break out to the upside, based on the measure move gives a target towards 1.525 levels, which has been a major support level that was broken and waiting to be retested. To the downside, price action could potentially dip towards the daily pivot level or even lower to test the highs of the falling wedge pattern near 1.509 before pushing higher.
